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Business banking: What should you look for in a partner?

5 tips for your start-up or small business
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As an entrepreneur, you’re always looking for ways to keep your business successful. Here are five things to look for in a financial service partner for your start-up or small business.

1. Focus on the Basics

Building a great business takes a strong foundation. Navigating start-up obstacles can be made less stressful when you don’t have to worry about the basics such as writing a business plan, creating your cash flow model or whether to use a home office or not. Whether you’re in the earliest stages of creating a small business or already off the ground and running, make sure to choose a financial institution that will provide you with the advice and support you need.

2. Be resourceful

The number of new tasks and responsibilities when starting a business can be daunting. Luckily, in this day and age, the number of free online tools to help with invoicing, business planning and even marketing can help take the pressure off. Canadian credit unions, like Your Neighbourhood Credit Union (YNCU), also offer one-stop-shopping for financial service solutions like online banking, business credit cards, merchant services, and access to personal business advisors to help you every step of the way. Consolidating your business services will help streamline problem-solving and give you reliable means to plan for the future.

3. Consider a credit union as your trustworthy financial institution

Canadian Credit Unions have combined assets in excess of $202 billion, servicing over 5.5 million members with a network of over 280 credit unions and 1,800 branches nation-wide. They’re more than big enough to rival national banks, but instead of making profits for shareholders they give that money right back to their members. Ensure that your money is in the best of hands by choosing a safe and secure financial institution who will make you their priority.

4. Think Ahead

Predicting the future is next to impossible, but you can prepare what’s to come by thinking a few steps ahead. Your business will need to adapt and shift as it grows from a home or small office to a nationwide chain. As you navigate finding employees, managing payroll, addressing distribution and marketing it’s best to find an expert who can help you implement these important next steps for your small business. Financial planners and business teams can provide vital guidance that is custom-made for your situation. Your business deserves better than cookie-cutter solutions. Spur innovation by choosing to work with companies that value new ideas themselves.

5. Get involved in your community

Small businesses have wide-ranging positive impacts on their surrounding neighbourhoods. Investing in the community doesn’t just make your company look good, it also ensures that your customers and employees have a great place to call home. One of the simplest ways to keep your money local is to join a credit union, which can generate up to twice as much income for the local economy. That means less money in the pockets of big banks and more for your family, friends and neighbours.

To learn more about how to get ahead with your business, click here or speak a YNCU business advisor.

This Content is made possible by our Sponsor; it is not written by and does not necessarily reflect the views of the editorial staff.




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